Accounting Policy and Practice Report Index-Summary

LABOR DEPARTMENT (DOL)

– Single capital markets regulator, Aguilar urges merger of SEC, CFTC and DOL's Employee Benefits Security Admin., 521

LAWYERS

LEASES

– BNA adds new portfolios to series, 457
– Fundamental changes in lease accounting, SplRpt (5/29/09)
– Lessor accounting issues to be included in FASB discussion paper, 85; IASB agrees to hold discussion of issues, 129; preliminary views paper issued for comments by FASB and IASB, 303; IASB staff say risk of failing convergence deadline, 307; right-of-use model discussed, comment deadline set for July, 486; IASB and FASB bog down on question of scope, 718; commentators criticize IASB/FASB approach, feature report, 801; customer contract revenue recognition, conflicts with lease accounting discussed at FASB meeting, 808; FASB looks at comments on lease accounting, will address lessor accounting jointly with IASB, 843; FASB-IASB working groups discuss where to go with overall project, 847
– Right-of-use accounting model, FASB proposes that lessee or seller should consider whole asset approach to derecognition, 576

LEGISLATION, FEDERAL

– Ed. Note: This heading covers legislation with assigned numbers only. For information on measures without assigned numbers, see specific subject headings.
– House

– – HR 607, bill requiring SEC to write guidance implementing recommendation in Dec. report on mark-to-market accounting introduced by Miller (R-Cal), 362
– – HR 1212, Sarbanes-Oxley amendment, new oversight responsibilities for PCAOB introduced by Kanjorski (D-Pa) in response to Madoff Ponzi scheme, 270; some provisions included in SEC proposed securities law changes submitted to Congress, 684
– – HR 1349, Federal Accounting Oversight Bd. Act, introduced by Perlmutter (D-Colo) and Lucas (R-Okla) to assure proper application of GAAP, oversee FASB and convince it to relax mark-to-market rules, 270
– – HR 1748, Fight Fraud Act, introduced by Conyers (D-Mich), judiciary panel approves bill to include mortgage lenders in financial institutions definition, 414
– – HR 1909, bill directing SEC to suspend application of mark-to-market accounting introduced by Cohen (D-Tenn), 362
– – HR 2454, American Clean Energy and Security Act, passed by House, may lead to greater focus on environmental disclosure by SEC, 711
– – HR 2664, Promoting Transparency in Financial Reporting Act, chairmen of SEC, PCAOB, and FASB required to testify annual to Congress, passed by House, 860
– – HR 2873, Amendment of securities laws to allow for nationwide service of SEC subpoenas, 684
– – HR 3126, Consumer Financial Protection Act, introduced by Frank (D-Mass), opposition widening, 859
– – HR 3170, Financial Services and General Government Appropriations Act, bill funding SEC at higher rate than requested by White House, passed by House, must be reconciled with S 2010, 675
– – HR 3269, Corporate and Financial Institution Compensation Fairness Act, bill to restrain risky executive pay practices, give shareholders some say, clears House, 731
– – HR 3300, Derivative Trading, Accountability and Disclosure Act, introduced by McMahon (D-NY), would give Treasury new regulatory role, 781
– – HR 3346, PCAOB allowed to share confidential data with foreign oversight authorities, introduced by Frank (D-Mass) and Kanjor (D-Pa), 814; E.C. discusses, 854
– – HR 3775, Small Business SOX Compliance Relief Act, introduced by Garrett (R-NJ), exempting small filers from having to provide audited assessments of internal controls, 948

– Senate

– – S 386, Fraud Enforcement and Recovery Act, introduced by Leahy (D-Vt) and Grassley (R-Iowa), passed by Senate, gives federal government funding and broad powers to investigate financial crimes, 414; House passes with changes, Senate must re-pass, 436
– – S 1074, Shareholder Bill of Rights Act, introduced by Schumer (D-NY) and Cantwell (D-Wash), to provide shareholders with enhanced authority over director nominations and executive pay, 479
– – S 1432, Financial Services and General Government Appropriations Act, bill funding SEC at higher rate than requested by White House, awaiting vote, must be reconciled with HR 3170, 675
– – S 1551, Liability for Aiding and Abetting Securities Violations Act, introduced by Specter (D-Pa.), bill to permit lawsuits against, 732; bill discussed in Refco case, 783

LIABILITIES

– Auditor liability

See AUDITOR LIABILITY

– Business combinations, liabilities assumed arising from contingencies, fair value recognition requirement amended in proposed FASB guidance, 30; IASB issues similar guidance, 34; FASB-sponsored investors' group says guidance flawed, 88; plug pulled by IASB on project in light of opposition, 125; FASB steps back from fair value in FSP on acquired contingency accounting, 207; FASB roundtable members seek middle ground for contingencies disclosures, 263; FASB publishes final staff guidance, 300; FASB considers delaying effective date, 771
– Conceptual framework

See CONCEPTUAL FRAMEWORK

– Debt securities, divided FASB clears final staff guidance, critics say banks can avoid recording losses in 4th quarter, 22
– Deferred tax assets stemming from losses on debt securities, FASB to work on guidance sought by Fannie Mae and Freddie Mac, 205; guidance to be wrapped into financial instruments project, 938
– Fair value

See FAIR VALUE

– Financial instruments projects

See FINANCIAL INSTRUMENTS

– IAS 37 to be replaced by new IFRS, IASB members dissent, 908; limited exposure document on measurement agreed to, 985
– IASB added project to agenda on rate-regulated industries re recognition of assets and liabilities, 36; qualified approval given to staff scope proposal, 172; comments sought on varied proposals addressing differing practitioner views, 722
– Impairments

See IMPAIRMENTS

– Income taxes

See ACCOUNTING FOR INCOME TAXES; UNCERTAIN TAX POSITIONS, FIN 48

– Liability vs. equity, FASB discusses distinctions, support for set of tentative principles, 440; work continues on gauging values to distinguish, 528; board wrestles with wording on classification approach, 807
– Nanotechnology products, advocacy group asks SEC and FASB to require greater disclosure of potential liabilities, 595
– Pension funds

See PENSIONS

LICENSING

– Ex-CEO of failed software firm sued by SEC for claiming fake licensing agreements in revenue recognition scam (M.D. Fla.), 956
– Practice mobility for out-of-state CPAs, limited services may be performed without Fla. license under new law, 542

LIFE INSURANCE

See generally INSURANCE

LILOs (LEASE-IN, LEASE-OUT) TRANSACTIONS

See generally LEASES

LITIGATION

– Attorney liability

See ATTORNEYS

– Auditor malpractice cases

See AUDITOR LIABILITY

– Class actions

See CLASS ACTIONS

– Defamation actions

See DEFAMATION

– Derivative actions

See DERIVATIVE ACTIONS

– Fraud

See SECURITIES FRAUD

– Revenue recognition fraud

See REVENUE RECOGNITION

– Scienter

See SCIENTER

– Standing

See STANDING

LOANS

– Loan loss accounting methods

– – Administration proposed financial system overhaul detailed in white paper, 570 et seq.; convergence goals discussed, 634
– – FASB begins revision discussions, FAS 5 and FAS 114 ineffective, 261
– – Grant Thornton suggests bank regulators make changes rather than change accounting rules, 448
– – IASB and FASB joint meeting clears staff to explore, 305
– – Quarterly disclosures on firms' losses and credit risk required in proposed FASB guidance, 398
– – SEC sends letter to banks urging reevaluation of MD&A disclosures and loan loss accounting, 768; letter clarified, 840

– Mortgages

See generally MORTGAGE SECURITIZATIONS; SUBPRIME MORTGAGES

LOCAL GOVERNMENT

See generally STATE AND LOCAL GOVERNMENTS
– GASB

See GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB)

– Other post-retirement benefits

See OTHER POST-EMPLOYMENT BENEFITS (OPEBs)

LOSSES

– Credit crisis

See generally FINANCIAL CRISIS

– Credit losses and credit quality of financing receivables, disclosure requirement changes proposed in exposure draft, 574; credit loss allowances to stay independent, FASB says, 936
– Deferred tax assets stemming from losses on debt securities, FASB to work on guidance sought by Fannie Mae and Freddie Mac, 205; guidance to be wrapped into financial instruments project, 938
– Impaired assets

See generally IMPAIRMENTS

– Loan loss accounting methods

See LOANS

– UCAP Inc., securities fraud investor class action fails, loss causation by outside auditor not shown (8th Cir.), 992